Abstract
This study examines the mechanisms by which firms manage uncertainty stemming from regime change by taking Egypt, the second biggest economy in Africa, as an empirical context. We find empirical evidence suggesting that, in times of regime change, firms with institutionalized political connections (state-controlled firms) perform better than those with no such connections. Moreover, firms with no institutional political connections perform better if they renovate their personal connections, albeit only in certain industries. Further, to a certain extent, personal and institutional political connections are substitutes in managing political uncertainty arising from regime change: the presence of one nullifies the advantage of the other.